in order for a strategic alliance to be successful seven attributes have been identified as important...

in order for a strategic alliance to be successful seven attributes have been identified as important for the companies to both have. The first is that both firms entering the alliance must have well defined strategic goals. Each must have a strong focus for a specific outcome. How do the other factors contribute to successful strategic alliances?

Expert Solution

There are several attributes and features which are required to be a incorporated by parties involved in a stratigic alliance to be successful. The main objective of a stratigic alliance is to create synergy so that goals and objectives are met in a shared manner and hence there is no conflict of interest.

Below are most important attributes required to build a successful strategic alliance:

Clearly defining Stratigic goals and objects of Partnership: It is of paramount importance that all the stakeholders are clear about where the firm wants to go. This activity needs to bte keeping in mind interests of both the strategic partners. It will also serve the motive of achiving organization's vision and mission statements.
Creating a culture of mutual trust: An organization culture where people feel trusted is optimum for any entity to perform well specially if it is a stratigic alliance. If mutual trust is created among stakeholders then it becomes very jecteasy for senior management to clearly put emphasis on firms long term vision.
Proper Planning during initail phases : During the initial phase of forming of a merged entity or a strategic partnership arrangement proper planning is indispensable. It is not wrong to say that failing to plan is planning to fail.
Development of proper communication channels: Communication is key to achieve goals of combined entity and also it prevents conflicts. Proper communication is of very much importance specially within employees which come from different cultures.
Feedback and control mechanism : Feedback and control mechanism is a checkpoint and it helps in correcting and aligning back to what was planned before during period when there are deviations and uncertainities.
Sharing: Sharing of capital, resources, common ethics, values, vision and objectives help to create a sustainable competetive advantage and will help the strategic alliance to be successful.

jeff jeffy answered 1 year ago

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